Uranium Investing News

Bayswater Uranium reports that it has closed its non-brokered private placement.

The gross proceeds raised from the issuance of the FT Units will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2008 taxation year.  The funds will be used to advance and maintain tenure to the Company’s key Canadian properties (including the Brudell Lake property in the Athabasca Basin and the Amer West-Itza Lake target in the North Thelon Basin) while protecting its strong hard dollar cash position. Maintaining the Company’s cash position and diversified uranium property portfolio are the cornerstones of the cost reduction and growth plans previously disclosed in a new release dated October 30, 2008.  This capital raise relates to the flow through funds required as stated in the referenced news release.  Further such capital raises are not currently required in order to maintain key Canadian property assets.

For full details of this press release, click this link. To view Bayswater’s latest video and company profile, click here. Follow developments in uranium mining and exploration for free.
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